Translation Results Requested Through Conyac Made Public

How to build a world-class team without funding

Startup founders are resource-constrained at every stage of their company, but nothing stings more than the inability to add amazing talent to your team at critical points. The difference between a successful startup and a sad failure is often a VP of engineering who can help raw, young talent scale. Or a genius designer who can transform the way your product looks and feels. Or an advisor with deep relationships in your market.
Unfortunately, this caliber of team is tough to acquire. Employees are well compensated at big companies and are beneficiaries of perks that make Disney World look dull. They have wide latitude to pursue projects of interest, and the best of them have multimillion-dollar retention packages.

Likewise, influential advisors are in demand, have their pick of projects, and can’t be moved with the usual levers.

Meanwhile, you’re offering an Ikea desk and a promise.

Still, recruiting top-caliber employees is possible, even before the first dollar of VC hits your bank account. If your target isn’t used to the world of startups, starting them as an advisor is often a way to test the waters. They often dream of the autonomy, fame, and riches the best startups can provide but aren’t quite ready to trade in their cush gig for a startup, even with seed funding.
The first step is understanding who you’re trying to add to the team and why. There are three main types of advisor you can add:

1. Legacy builders with star power: This is a well known person in the field that lends credibility to your business. They might have been on magazine covers or shepherded a company through an IPO. Except in rare cases like John Carmack joining Oculus, this person will not likely join your team in a full-time capacity. You’re recruiting this person to lend credibility or perhaps serve as an independent board member.
This is the hardest type of advisor to recruit, but I have seen many entrepreneurs (even first-timers) do it successfully. The key here is to build trust and excitement with the advisor.

Understand their motivations. Money is not likely to be a strong incentive (though they will likely expect advisory shares). Are they are looking to nurture the next generation of leaders and leave a legacy? Keep relevant by associating with a hot company in their field?

Once you understand that dynamic, prepare a pitch that demonstrates how your company fits that narrative. Are you working on interesting technical challenges that pique their technical curiosity? Are you a newsworthy company that will add to their personal brand as a kingmaker? If so, find someone to make an intro and be prepared to make your case.

Given the busy schedule common to this kind of advisor, it’s important that you set expectations upfront. At the very least, you will want to do a quarterly call so the advisor is up-to-date on the business and is not caught blindsided when someone asks them about your company.

Be realistic with your asks. Do you want intros to customers? Availability for diligence calls with potential investors, recruits, etc.? This type of advisor will be well networked, but you’ll need to be judicious about how you tap that network until you start achieving some success on your own.